Eurozone finance ministers indicated late Monday that the rate should be below 4%, under terms agreed to in October. But the private sector, as represented by the Institute of International Finance, is pushing for a deal that would imply rates above 3.5%.

Hans Humes, president and chief investment officer of Greylock Capital Management, said the talks are becoming coercive.

Greylock is one of the private institutions listed as a member of the IIF steering committee negotiating with the Greek government on behalf of bondholders.